As we close the book on 2013, we pause to take a brief look back at the year that was. The IBAT Bottom Line will return next Tuesday, January 7 with regular weekly publications. Until then, here are the three "hottest" stories in Texas community banking of 2013.
CFPB - Given that this acronym was the most commonly appearing word or phrase in the IBAT Bottom Line in 2013, it's little wonder why the "new kid" regulator has earned the ire of community bankers. Most of the attention has been on the CFPB Mortgage Rules, which begin to take effect throughout January. In response, the IBAT compliance team has been hard at work throughout the year to develop white papers, compliance matrices and other resources to help your bank adjust to the new rules. All of these resources can be found on the CFPB Residential Mortgage Rules page on the IBAT website. Other resources developed by our compliance team can be found here.
Towards Regulatory Reform - It seems like every other week we reported on another voice joining the chorus calling for substantial regulatory reform and a bifurcated industry. The Dallas Fed, FDIC Vice Chairman Tom Hoenig and CSBS's John Ryan were just a few leading the charge. To date, the most promising measure for regulatory reform remains the Community Lending Enhancement and Regulatory Relief (CLEAR) Act. Congressmen John Carter and Lamar Smith recently joined Representatives Granger, Farenthold, Marchant, Neugebauer, Thornberry, Veasey and Williams in supporting the bill. Congressmen Sessions and Cuellar have signaled their intention to sign on as well. IBAT members are encouraged to contact their members and urge support using the ICBA Action page.
83rd Texas Legislature - While much of the attention has been on Congress and Federal regulators in 2013, this year brought the “fun” of a super-sized Texas Legislative Session. With strong response and support from IBAT members, Texas became the first state to pass a prohibition on debit card transaction surcharges at the point of sale.
January 1, 2014 stands as the implementation date for several other measures passed in the 83rd Texas Legislature, all of which are identified in IBAT General Counsel Karen Neeley's legislative white paper.
Staff contact: Chris Williston, firstname.lastname@example.org, 512-474-6889